Lendlease and The Crown Estate Launch £24bn Regeneration Partnership, With 9,000 London Homes in the First Phase

One of the largest long-term regeneration platforms in the UK has moved from agreement to delivery. Lendlease and The Crown Estate have completed a joint venture with an estimated gross development value of £24bn, aimed at unlocking complex urban sites across London and Birmingham. For investors and developers watching where large-scale housing and commercial supply will come from over the next decade, the partnership signals a substantial pipeline now entering the construction phase. ## What has been agreed

The two organisations have finalised the transaction establishing what will be known as the Impact Partnership Joint Venture, alongside a jointly owned development management company to oversee and deliver the schemes.

The structure is designed to give the partners greater control over how the sites are brought forward, while providing a vehicle intended to attract further private and institutional capital into UK regeneration.

• • Estimated gross development value: £24bn
• • First-phase sites: Euston, Silvertown and Stratford Cross in London
• • First-phase output: up to 9,000 homes and 7.03m sq ft of commercial space

The £24bn pipeline will not only boost our real estate sector but support local communities in providing thousands of new, affordable homes for people.

Lord Stockwood, Investment Minister, 2026

The first phase and delivery timetable

The joint venture's first phase brings together three major London regeneration projects at Euston, Silvertown and Stratford Cross. Together they are expected to deliver a potential 9,000 new homes and 7.03m square feet of commercial, science and innovation space.

Delivery is moving quickly. Work is due to start on 326 affordable homes at the 60-acre Silvertown development in September, with a planning application for the Euston regeneration scheme due to be submitted in spring 2027.

A second phase in Birmingham and Thamesmead

The partners expect a second phase to follow later this summer, with Smithfield in Birmingham and Thamesmead Waterfront in London entering the joint venture. These two projects are expected to add a further 18,500 homes and 2.88m square feet of commercial space.

Major infrastructure works at Smithfield are expected to begin later in 2026, with temporary markets due to open in early 2027 before the first residential building starts. The wider Crown Estate development pipeline extends to around 30,000 homes.

Why it matters for the market

The partnership targets some of the country's most complex, infrastructure-heavy sites, the kind that individual developers have historically struggled to bring forward at pace. By pooling land, capital and delivery expertise, the joint venture is positioned to accelerate supply in high-demand locations across the capital and the West Midlands.

It also lands at a moment when policymakers are pressing to speed up large-scale housing and commercial delivery, and when institutional capital is looking for durable, long-dated exposure to UK real estate.

With the first affordable homes at Silvertown due on site in September and Birmingham and Thamesmead set to follow, the Impact Partnership Joint Venture will be one of the most closely watched regeneration programmes in the UK over the coming decade. Silkwood Group will continue to track how schemes of this scale reshape supply across London and the regions.

Sources

• • BDC Magazine, £24bn Regeneration Partnership to Deliver Thousands of Homes and Commercial Spaces
• • The Crown Estate, Lendlease and The Crown Estate complete major UK development partnership
• • Inside Housing, Crown Estate and Lendlease to build 9,000 homes in London in first phase of joint venture